Bullish on BATS

BATS Global Markets is taking a big step to catch up to the New York Stock Exhange and Nasdaq. The upstart exchange, based far from Wall Street in Lenexa, Kan., plans to sell 6.3 million shares Thursday in an initial public stock offering that will value the company at $813 million, assuming the shares are priced at the midpoint of the expected $16 to $18 range. At $17, they would represent an attractive bet on a fast-growing electronic trading platform that is gaining share and expanding into new markets. The stock will trade...